British bank HSBC to disclose 59 per cent gender pay gap

Goldman said it needs to up the representation of women at senior levels

Goldman said it needs to up the representation of women at senior levels

Men are paid two and a half times more per hour than women on average at banking group HSBC, the largest gender pay gap reported to date by a major United Kingdom company.

The bank will also disclose a mean gender bonus gap of 86 per cent.

Elaine Arden, group head of human resources, told the BBC: "If we identify any pay differences between men and women in similar roles, which can not be explained by reasons such as performance/behaviour rating or experience, we make appropriate adjustments".

The gap will widen to 60% this year, the UK's biggest bank said in a report on Thursday.

While women are more likely to be in work, or studying for a degree than men, they earn around £1,600 a year less than their male colleagues a year after leaving university and the gap grows over time.

All companies with more than 250 United Kingdom employees have to disclose their gender pay gaps by April 4. On a mean basis the gaps were 48%, 32.8% and 30.3%.

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In December, Clydesdale and Yorkshire Banking Group said it would boost minimum salaries at the bank to £17,000 in an effort to reduce its 37% gender pay gap.

HSBC said its pay gap was largely down to the fact it - like its rivals - has fewer women in senior roles, with just 23% of higher positions held by women.

Last month, Asia-focused Standard Chartered reported a gap of 30 percent in Britain, while Virgin Money - the only major United Kingdom lender run by a woman - said its female staff earned on average 32.5 percent less per hour than its male workforce. Other firms are yet to submit figures ahead of the April 4 deadline set by Theresa May.

Among large companies, EasyJet, the no-frills airline, previously had the highest mean gender pay gap, at 51.7%.

On Thursday, British luxury brand Burberry revealed that its female staff earned an average 25.9% less per hour, despite making up the majority of employees at every pay quartile.

Across the whole organisation, however, it employs more women than men.

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